House Passes Economic Stability Act; NAR Urges Quick Presidential Action

Washington, October 03, 2008

The following is a statement by National Association of Realtors® President Richard F. Gaylord:

“The National Association of Realtors® is truly relieved that members of the U.S. House of Representatives, like their counterparts in the Senate, were able to come together in a bipartisan effort to pass the Emergency Economic Stability Act of 2008. As we have been saying, this legislation is critical to stopping the economic turmoil that millions of Americans are facing. Today’s action will go a long way toward ending the current economic crisis crippling the housing and financial markets.

“This legislation would quickly restore liquidity to the mortgage market, which would stabilize the housing market and protect homeowners. Mortgages as well as personal and small business loans would become more available and less costly. Protecting Main Street not only benefits individuals, families and communities, but also supports the larger U.S. economy.

“We expect that the president will act quickly to sign and enact this bill. We thank President Bush for his steadfast leadership on this issue, commend all parties that worked on this legislation, and look forward to working together toward a strengthened economy for the benefit of all Americans.”

For more about the credit crisis, go to www.realtor.org/creditcrisis.

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